Next sales “in line” with expectations

Next has today reported full price sales up 21.3% year-on-year for the first quarter of 2022/23.

In the 13 weeks to 30 April 2022, in-store sales were up 285% compared with the same period in 2021, though the comparison is set against the time of Lockdown 3 and forced store closures.

In contrast, online Next sales dropped -24% in the quarter year-on-year, but were up 23% on a three-year basis from the first quarter of 2019/20 – the most recent year not disrupted by the COVID pandemic.

Online third party Next Label sales were up 20% compared with the first quarter of 2021/22, and up 106% on a three-year basis.

Total online sales against three years ago remained strong and were up 47% versus 2019/20.

Next is maintaining its guidance for full year profit before tax at £850m, which would be up 3.3% versus last year.